Broomfield’s Gaiam Inc. will add Billy Blanks and Cindy Crawford workout videos to its stable of health and lifestyle offerings as part of a $40 million deal announced Tuesday.

The self-described “lifestyle media” company has agreed to purchase most of the assets of GoodTimes Entertainment, a bankrupt New York media company that creates and distributes DVDs and videos. Gaiam’s stock spiked 27 percent to close at $9.06 on Nasdaq.

GoodTimes’ 2,000-title library includes “The Firm,” Tae Bo and Richard Simmons workout videos, children’s titles such as “Felix the Cat” and “Benji,” and Christian titles such as “Charlton Heston Presents the Bible.”

Gaiam said the deal would make it the sixth-largest distributor of nontheatrical DVDs in the country.

The cash deal must receive approval from a federal bankruptcy court and is expected to close in the third quarter.

Gaiam also sells items such as yoga mats and balance balls but has focused its business on instructional videos and DVDs that are often marketed as companions to its other products.

The company intends to beef up its media offerings and expects to announce additional acquisitions in the near future, chief executive Jirka Rysavy said.

Company president Lynn Powers emphasized that the company will distribute only videos that are inspirational and “feel- good” movies. GoodTimes titles that don’t fit that description won’t be acquired or won’t be distributed by Gaiam, she said.

GoodTimes executives declined to comment on the deal.

The deal would mark the second sale in as many years for GoodTimes, which was purchased by Quadrangle Capital Partners in 2002. In a bankruptcy filing Monday, the company listed assets of $79 million and liabilities of $212 million.

Gaiam employs more than 300 people in Broomfield, California, Ohio and the United Kingdom.

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